Here's How Millennials Think About Money and Financial Planning

While our grandparents' financial views were forged during the Great Depression, millennials learned about money in the Great Recession, many graduating college or attempting to buy their first homes as companies were cutting back and lenders were getting lax—a dangerous cocktail of unemployment paired with people's ability to buy above their price ranges.

But a new Bank of America report shows that, "despite their financial challenges, millennials are not putting their lives on hold." Though nearly half of us believe achieving our dreams—buying a house, saving for retirement, and earning enough to support our desired lifestyle—will be tougher for us than it was for our parents, we're still trying, the report states. "Many who are now in their late 20s to mid-30s are starting families, running small businesses, and planning for future expenses," it says. Here's how that delicate balance really looks.

Millennials are not big fans of debt.

Sure, we may be paying down significant school loans, but almost all of us—a full 94 percent—report we're not comfortable taking on debt at this point in our lives. Another 88 percent report they're not willing to make risky investments, and 79 percent refuse to dip into savings to cover unnecessary expenses.

That often means, the report shows, millennials go without to avoid taking on debt. Four in five millennials says they've recently decided against buying something so that they can save money. But another 60 percent reported feeling it's pretty darn tough to live within their means and not overspend.

__Millennials are saving—but it's not all for retirement. __

One of the biggest reasons millennials are cutting back is so that they can save for a stress-free retirement, according to the report. But rather than making larger deposits into a 401(k) or Roth IRA, millennials are making sure they have emergency funds on hand. Sixty-one percent report they are more likely to save for something gone wrong than they are for retirement. In fact, 57 percent say having an emergency savings fund is a top priority, while 55 percent report being prepared for financial changes is very important to them.

Millennials are focused on having experiences.

That brings us to the part where millennials aren't letting financial fears rule their lives. Because "while they are preparing for the future and saving early for retirement, some are also willing to selectively take on debt for higher education and for experiences," the report states. "In fact, as they consider their retirement, they want an emphasis on experiences, such as travel, and an enhanced quality of life."

Just shy of 20 percent of millennials have taken on debt in order to afford a vacation, while 8 percent were willing to charge a move to a new area, and 16 percent financed an education they couldn't pay for outright. And if they took on debt for these experiences, millennials don't regret it: 89 percent say taking out loans for homes was worth it, while 69 percent are glad they financed vehicles and 62 percent are happy they charged their last move.

Millennials are optimistic.

According to the report, "most millennials believe they'll be more likely to save more money and invest more money in 2016" than they did in previous years. In the future, the report shows, 66 percent will prioritize being able to travel often and 54 percent would rather be able to live by loved ones than have more disposable income.

If you're a millennial, how did the Great Recession impact your financial views?